Bharat Gears Ltd

Bharat Gears Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Bharat Gears Ltd

₹ 120 0.63%
02 Jun - close price
bharatgears.com BSE: 505688 NSE : BHARATGEAR
About

Bharat Gears Ltd. (BGL) (Incorporated in 1971) is India's largest gear manufacturer. BGL is a major global supplier of automotive gears and heat treatment furnaces. BGL manufactures a wide range of gears for HCV, MCV, LCV, utility, and off-highway vehicles. The manufacturing facilities are located in Mumbra, Faridabad, and Satara. The Company has a strong Dealer network of 72 dealers in 26 states covering the entire domestic geography and 3 sales offices in Delhi, Mumbai & Kolkata. [1] [2]

Key Points

Product Portfolio
Gears(90%): The co. manufactures a wide range of Ring Gears and Pinions, Transmission Gears and Shafts, Differential Gears, Gear Boxes, and a wide spectrum of bevel gears and assemblies which find application majorly in the automotive industry.
Furnaces: Co. ventured into the construction of furnaces for captive use initially and thereafter, moved into its commercial production. They continue to build batch and continuous heat-treating furnaces in collaboration with technology major, AFC – Holcroft of Michigan, USA.
Automotive Components: This division includes automotive products such as automotive clutches and components, turbochargers and components, driveline products, axle shafts, flywheel assemblies, and rings, air suspension, etc. [1] [2]

Website BSE NSE
  • Market Cap ₹ 183 Cr.
  • Current Price ₹ 120
  • High / Low ₹ 173 / 80.3
  • Stock P/E 13.6
  • Book Value ₹ 78.5
  • Dividend Yield 0.00 %
  • ROCE 15.4 %
  • ROE 11.8 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.2% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Figures in Rs. Crores

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
110.61 49.26 128.24 151.50 174.03 164.68 186.63 187.44 190.69 183.97 213.55 189.35 179.49
104.45 53.44 118.35 135.33 160.11 146.94 169.41 171.04 176.30 171.74 198.62 180.34 169.67
Operating Profit 6.16 -4.18 9.89 16.17 13.92 17.74 17.22 16.40 14.39 12.23 14.93 9.01 9.82
OPM % 5.57% -8.49% 7.71% 10.67% 8.00% 10.77% 9.23% 8.75% 7.55% 6.65% 6.99% 4.76% 5.47%
2.13 0.50 0.25 0.69 -0.07 1.53 3.62 0.47 1.51 2.38 1.92 3.99 0.47
Interest 5.12 5.48 6.33 6.06 4.80 4.89 4.97 4.44 4.12 4.16 3.97 4.39 4.56
Depreciation 6.55 6.26 6.09 5.99 5.81 5.78 5.25 4.75 4.61 4.69 4.96 5.19 5.23
Profit before tax -3.38 -15.42 -2.28 4.81 3.24 8.60 10.62 7.68 7.17 5.76 7.92 3.42 0.50
Tax % 35.50% 14.79% 9.21% 1.46% 14.51% 25.70% 25.14% 20.05% 25.24% 25.35% 27.27% 24.27% -68.00%
Net Profit -2.18 -13.14 -2.07 4.74 2.77 6.39 7.95 6.14 5.36 4.30 5.76 2.59 0.84
EPS in Rs -1.42 -8.53 -1.34 3.08 1.80 4.15 5.16 3.99 3.48 2.79 3.75 1.69 0.55
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
431 393 420 415 398 407 508 594 463 503 729 766
386 364 394 393 367 379 465 536 444 467 664 720
Operating Profit 45 28 26 22 31 28 43 59 19 36 66 46
OPM % 10% 7% 6% 5% 8% 7% 8% 10% 4% 7% 9% 6%
6 2 3 2 2 1 2 4 5 1 7 9
Interest 13 12 14 16 16 15 17 22 22 23 18 17
Depreciation 11 12 14 14 16 17 18 22 27 24 20 20
Profit before tax 27 7 1 -6 1 -2 9 19 -25 -10 34 18
Tax % 31% 33% 0% 35% 54% 36% 32% 36% 24% 20% 24% 23%
Net Profit 19 5 1 -4 0 -1 6 13 -19 -8 26 13
EPS in Rs 12.65 3.38 0.41 -2.86 0.16 -0.99 4.12 8.19 -12.19 -5.00 16.78 8.79
Dividend Payout % 8% 28% 130% 0% 0% 0% 0% 6% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 7%
5 Years: 9%
3 Years: 18%
TTM: 5%
Compounded Profit Growth
10 Years: 10%
5 Years: 16%
3 Years: 40%
TTM: -42%
Stock Price CAGR
10 Years: 18%
5 Years: 3%
3 Years: 66%
1 Year: 33%
Return on Equity
10 Years: 3%
5 Years: 5%
3 Years: 10%
Last Year: 12%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
8 8 8 8 8 8 8 8 9 9 10 15
Reserves 65 68 68 63 63 59 70 80 70 65 98 105
62 75 100 100 98 112 134 162 152 118 107 116
114 115 115 125 99 112 154 170 143 192 189 171
Total Liabilities 249 266 291 295 268 291 366 420 374 384 404 407
93 91 135 129 115 103 113 145 150 134 118 132
CWIP 3 25 4 2 3 2 2 10 2 1 1 2
Investments 0 0 0 0 0 0 0 0 0 0 0 1
153 150 152 165 150 186 250 264 222 249 285 272
Total Assets 249 266 291 295 268 291 366 420 374 384 404 407

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
26 26 27 20 23 20 6 50 54 59 30 42
-18 -26 -38 -5 -7 -5 -21 -56 -29 -2 -5 -26
-11 1 11 -15 -16 -18 27 -5 -20 -57 -32 -3
Net Cash Flow -3 1 -1 -0 0 -3 12 -11 4 0 -7 13

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 56 65 60 63 58 83 92 71 81 77 72 58
Inventory Days 98 98 107 120 112 123 119 125 120 133 89 89
Days Payable 138 143 157 178 148 175 181 155 167 229 148 118
Cash Conversion Cycle 15 20 9 6 22 31 30 41 33 -20 13 30
Working Capital Days 27 25 27 22 27 48 68 47 46 44 49 51
ROCE % 31% 14% 9% 6% 10% 7% 13% 18% -1% 6% 24% 15%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32 55.32
0.00 0.00 0.00 0.00 0.00 0.85 1.15 1.51 1.36 1.61 1.40 1.27
0.03 0.03 0.03 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.03 0.03
44.65 44.65 44.65 44.65 44.65 43.79 43.50 43.14 43.29 43.06 43.24 43.37

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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